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Tag Archives: BoG

NDC’s Governs Agbodza Misfired On BoG Governor Guest House ‘Exposé’ – FACTCHECK

The National Democratic Congress (NDC) Member of Parliament for Adaklu and Minority Chief Whip in Parliament, Kwame Governs Agbodza alleged via Twitter on August 11, 2023 that the Bank of Ghana (BoG) has built a luxurious guest house for its governor in the Western Regional capital, Takoradi. He cited inside …

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IMF To BoG: Tame inflation, GH¢60bn Loss Not Excuse To Shirk Policy Mandates

The International Monetary Fund (IMF) has cautioned the Bank of Ghana, highlighting the importance of upholding its policy mandates despite the financial setback experienced in the fiscal year ending 2022. The IMF emphasized that it remains essential for the central bank to take decisive measures to steer inflation back to …

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Current Office Cannot Withstand Earthquakes – BoG Replies Minority, Mute On Cost Of New Headquarters Project

The Bank of Ghana (BoG) has justified the construction of a new headquarters, insisting that its current head office, built in the 1960s, is no longer fit for purpose. The National Democratic Congress (NDC) at a press conference on Tuesday, August 8, accused the Bank of Ghana of building a …

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BoG Suspends Fidelity Bank, First National Bank From Forex Trading

The Bank of Ghana has taken strict action against Fidelity Bank and First National Bank Ghana Limited, imposing a combined penalty of 1000 penalty points each. The penalties have been levied due to the banks’ breach of sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. …

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IMF’s First Tranche Of $600M To Hit BoG Account On Friday – Ernest Addison Confirms

Governor of the Bank of Ghana (BoG) Ernest Kwamina Yedu Addison has revealed that the first tranche of $600 million from the International Monetary Fund’s $3 Billion credit facility, will hit the bank’s account on Friday, May 19, 2023. Speaking at the IMF and the Finance Ministry’s joint press conference …

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BoG Increases Policy Rate To 28%; Cost Of Loans To Surge

The Monetary Policy Rate of the Bank of Ghana has increased its policy rate – the rate at which it lends to commercial banks – by 100 basis points to 28%. Within a year, the rate has gone up by a staggering 13.5% The Central Bank cited downside risks to …

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Ghana’s Cedi Depreciates Marginally To Sell At ¢12 To A Dollar

The Ghana cedi is now selling at ¢12 to the US dollar in the retail or forex market, following days of sustained stability. This is about 0.86% loss in value since the beginning of the year. The Bank of Ghana is however quoting a dollar for ¢9.0002 on the interbank …

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Accra: BoG Revokes License Of Two Popular Forex Bureaus

The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange …

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‘More Dollars To Be Injected Into Economy Soon’ – Information Minister Reveals

The Information Minister, Kojo Oppong Nkrumah   has said some dollars will be injected into the economy soon to halt the sharp depreciation of the Ghanaian Cedi. Kojo Oppong Nkrumah said about $2 billion will hit the government’s account shortly. For the breakdown, he said $750 million is expected from …

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